Danish flat-pack furniture manufacturer Tvilum has acquired Steens Group, another Danish business which operates in the same field and boasts a sizeable UK operation.
Both business have long been strong players in the global RTA furniture market, and have shown significant growth as separate companies. This acquisition is set to raise the group's combined annual revenue to nearly €300m.
Tvilum's CEO Torben Porsholdt says: "This acquisition also moves Tvilum into yet-to-be-discovered market segments and opens up a world of opportunities for further growing our market share. Steens brings an interesting product portfolio to Tvilum, and especially the children furniture excites me as this has been a potential and appealing focus area for Tvilum to grow into. By closing this gap in our product portfolio, we can offer our customers a more complete product assortment than before.
"Our employees are the foundation our companies are built on, and I would hereby like to take this opportunity to welcome our new Steens Group colleagues to the Tvilum family. I am sure we will go on to do great things together."
Tvilum says the move will combine both parties' international strengths, creating a larger and stronger business unit, with a combined product offer covering different materials and products.
Tvilum has more than doubled its turnover since it declared bankruptcy three years ago.
Steens UK states that it is "business as usual", as it continues to respond to strong demand, but that the acquisition promises "new and exciting opportunities for co-operation and collaboration".
